EFCC, Stockbrokers Partner to Check Money Laundering in Capital Market

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The Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Lamorde has called for collaboration between the anti-graft agency and the Association of Stockbroking Houses of Nigeria, ASHON, to rid the capital market of incidence of money laundering, fraud and imposters. Lamorde made this call on Tuesday, January 21, 2014 when executive members of ASHON paid him a courtesy visit at the Commission’s head office, Abuja.
Lamorde said he was concerned about how proceeds of crime were invested in the capital market and called on the association to be vigilant and notify the Commission of suspicious transactions, especially when so called politically exposed person invest heavily in securities for under aged dependants.
He also charged the association to engage in sensitization and enlightenment campaign so that Nigerians could decipher a genuine stockbroker from a quack. ‘People find it difficult to identify the real brokers and if there are imposters you know of, that you are finding

EFCC
EFCC

difficult to get, let us know” he said.
The EFCC chairman called on the ASHON members to tackle the problem of unclaimed dividends and the negative perception about the capital market. “The economy strives well if the capital market is doing very well and the integrity of the capital market depends on the brokers”.
Emeka Madubuike who led the 4-man delegation thanked the chairman for making out time to receive them. He explained that the association was formed in 2006 to protect the interest of the members, ensure that businesses were done the proper way, reach out to other stakeholders within the economy involved in stock business and advocacy. He solicited for the support of the Commission to tackle fraud and other related crimes in the industry. “Since the EFCC is interested in money laundering issues, it is pertinent that both organization work out modalities to combat it,” he said. He called for the organization of a workshop and training programme for both organizations which, according to him, will create better understanding of how the market works.
Aside the executive chairman, other management staff who received the visitors include Olaolu Adegbite, Director of Operations; Bolaji Salami, Director, Organisational Support; Chile Okoroma, Director, legal and prosecution; Bukar Abba, Director, Finance and Account; Mohammed Wakili, Director, Department of Internal Affairs and Francis Usani, Ag. Director, NFIU.

Media & Publicity
21st January, 2014

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